| Because Social Security Doesn't Cut It For a Truly Secure Retirement, Ask Not What Your Country Can Do for You By Suze
Orman
The debate over Social Security seems to get louder by the day. But in the midst of all the pronouncements, I want to
remind you that Social Security is still intended only to provide a safety net to keep people from sliding into
poverty in their later years. It is not, and was never meant to be, the central part of a retirement package.
So while the politicians are busy tossing around this hot potato, I want the rest of you to stay focused on making
sure Social Security ends up being merely the side dish to your real retirement. To ensure that you will have enough
money to live comfortably in retirement requires that you create your own main course: a combination of 401(k), IRA,
and regular savings that will produce the bulk of your retirement funds.
So let's talk about things you can start doing now in order to thrive, not just survive, when you retire.
Save More in 2005
Washington got smart a few years ago and realized that we all need to save
more on our own for our retirement. So they increased a bunch of limits on tax-deferred
savings accounts such as 401(k)s and IRAs. But I know for a fact that most of
you are clueless about the changes, and that means you could be missing out on
the savings. Here’s a brief run-down on those limit increases: more...
Article also contains: - Top Tips to Saving More This Year
- Stop Thumbing Your Nose at Free Money
The Roth IRA: As Close to Perfect as You Can Get
I cannot repeat this enough: If you are eligible to invest in a Roth IRA, I
think it is hands down the best retirement investment you can make. (Quick recap:
you may make the full $4,000 contribution to a Roth this year if you are single
and your income is below $95,000, or if you are married filing a joint tax return
and your household income is below $150,000.) more...
Home in on Lowering Your Income Needs in Retirement
Let’s do a 180. Instead of thinking about all the money you need to save to be able to afford to retire,
what if you instead focus on reducing what you will need income-wise in retirement? more...
Suze Orman has been called “a force in the world of personal finance”
and a “one-woman financial advice powerhouse” by USA Today. She is the author
of four consecutive New York Times bestsellers, including The Road to Wealth.
Suze Orman, a
Certified Financial Planner Professional®,
directed the Suze Orman Financial Group from 1987-1997, served
as
Vice President of Investments for Prudential Bache Securities from
1983-87, and from 1980-83, was an Account Executive at Merrill Lynch.
Watch Suze every Saturday night on CNBC.
Check www.suzeorman.com
for TV listings. More great advice on Suze's blog.
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